Brown Commercial Group negotiated a building disposition on a property in the O’Hare submarket that originally was marketed for lease but received multiple offers from potential buyers. The 23,790-square-foot building at 160 Scott St. in Elk Grove Village, Illinois, was ultimately sold to an end user seeking to expand its operations in the O’Hare submarket.
Brown Commercial Group Broker Candace Scurto represented the seller, a private investor, in the disposition. Vice President of Sales Mason Hezner represented the buyer, GP Glass Company, which has two other locations in Elk Grove Village. The company is a custom shower glass and door installation business.
The O’Hare submarket continues to attract industrial investors and tenants due to its prime location near the airport and its connectivity to surrounding transportation and logistics infrastructure. According to CoStar research, industrial sales volume totaled approximately $708 million over the past 12 months, a drop from the previous year’s high of $757 million.
The submarket has a 4% industrial vacancy rate and has recorded a 6.5% increase in rent growth over the past 12 months.